This is the cliff we have been warning the Government about.
For months, Anthony Albanese and Labor have been warning the Morrison Government that the housing construction industry is about to go off a cliff.
Here is the proof.
Today the ABS revealed that housing approvals have dropped to an eight year low in June.
NSW has suffered a drop of almost 15 per cent, WA almost 12 per cent, while Queensland and Tasmania have suffered a drop of almost 11 per cent each.
This is bad news.
This is the cliff we have been talking about.
Fewer building approvals means fewer homes built and more tradies out of work.
And unfortunately the Government’s HomeBuilder Scheme just doesn’t cut it.
Instead of putting a guard rail at the top of the cliff the government has put a mattress at the bottom.
The HomeBuilder Scheme is too little and too late.
- Too little – it is one tenth of the size of the housing construction stimulus plan that Labor put into place during the GFC.
- Too late – it’s 8 weeks today since HomeBuilder was announced and most Australians still can’t apply to access the Scheme.
Labor repeatedly called on the Morrison Government to put together a comprehensive housing stimulus plan.
- Construction of more social housing;
- Repair and maintenance of existing social housing;
- Construction of more affordable rental accommodation for frontline workers;
- Expansion of the First Home Loan Deposit Scheme for new builds; and
- Grants to first home buyers who build their first home.
The Government has ignored Labor’s warnings but this data can’t be ignored.
Hopefully now the Government will swallow its pride and fix its HomeBlunder Scheme.